The Mortgage Works - anybody dealt with them?

Rizzy

I have applid for a mortgage through a broker who is using the mortgage works, my question is has anybody used them before? if so what were they like?

I submitted my application about 3 weeks ago and have been asked to provide wage slips, bank statements etc which I have done, they are now waiting on a HR ( home report) being refreshed as it has just gone out of date!!! so frustrating as 3 weeks on and im still no closer to finding out either way if it s yes or no.

ACG

TMW are just a mortgage arm of Nationwide building society.

If theyre just waiting on the building report, you should be fairly confident the mortgage will go through, unless the house isnt valued what you have offered.

Mrs_Z

Yep, we've got our BTL mortgage with them. It was quite slow going through as I remember, they had some of the best rates on the market at the time so were very popular and inundated with applications (their words). It was all done via a broker so did not deal with them myself.

Rizzy

The house was valued higher that I got an offer accepted for but that was the value at the start of the year, 4months down the line the value may well have changed. I'm hoping it's all ok, good to hear that if there waiting on the HR then it's most likely gonna be ok.

I'm a FTB so maybe it's just the nerves getting the better of me@this stage.

Rizzy

TMW have asked my broker for another bank statement, the HR is still not updated so no progress on that front. Why would they ask for another bank statement 4 weeks into the process? are they being fussy or is it because of the new FSA rules?

Im beginning to think apply somewhere else as this is taking too long - I know id lose my application fee, but i need a mortgage sorted asap. Ive heard from a few people that they are very very slow!!!

GMS

Lenders reserve the right to request further information as and when they decide which can be frustrating. Personally I always get 3 months bank statements for clients as it means no delays if requested.

Could be any number of reasons for asking. May be that an underwriter has spotted something which needs to be checked, i.e a large payment on a bank statement which they want to check is a one off. May want to see salary is still being credited. Could be any number of reasons.

Applying elsewhere may mean the same issues. TMW are very busy because they are one of the main players. I did suggest during a recent survey that they should employ more staff!

You are probably closer than you think so stick with it. Send what they need and you will hopefully get your offer soon.

Rizzy

thanks for the reassurance GMS, anything positive is good news at the moment.

There is some large sums going into the bank on a regular basis over the last few months as i didnt keep my deposit in the account - saved it the good old way, in a tin box at home and when the right property was found i stuck it in the bank in small lump sums - i have regular salary going into account, so its all legit. but i suppose the underwriters might not see it that way.

im going to wait a couple of weeks and see where it leads me, but im getting a bit nervous and aggitated as my broker assured me my application is a really good case as i have no defaults only 1 late payment over the last 3 years, and my credit rating is 999 for what its worth.
his words were " if they dont approve you, nobodies got a chance".

achilles1

Rizzy wrote: »

TMW have asked my broker for another bank statement, the HR is still not updated so no progress on that front. Why would they ask for another bank statement 4 weeks into the process? are they being fussy or is it because of the new FSA rules?

Im beginning to think apply somewhere else as this is taking too long - I know id lose my application fee, but i need a mortgage sorted asap. Ive heard from a few people that they are very very slow!!!

I am in the same position. I have applied for a buy-to-let remortgage about 2 months ago and provided all the information they requested. They completed the property valuation weeks ago but they have not made an offer yet.

Every time I call them it is the same story, "your case will reach offer stage within the next 48 hours", but of course it never does.

In my opinion, The Mortgage Works are unprofessional and treat people with disrespect. If I could get back my £400 valuation fee I would take my business elsewhere.

Does anyone know how I can get my valuation fee back from them, i.e. how long do I have to wait before it is unreasonable of them to withold my money with no offer?

Thanks.